You'll notice that the calculator has a feature below the data fields that says "show additional inputs." If you want to know what your all-in mortgage payment is likely to be, including taxes, insurance, and HOA dues, you can include them in the calculation.
Need help understanding mortgage terms, types, and more? You're not alone.
South Carolina housing market
Buyers in South Carolina are still facing a stiff battle, with a tight housing market that's just getting tighter. In August 2023, the number of homes for sale was 25,588, down 4.4% year over year, or about two months of inventory. The median sales price in August 2023 was $370,500, up 5.3% year over year, despite the number of homes sold dropping 8.5% year over year.
Although 25.3% of the homes sold in South Carolina during August 2023 had price drops, 19.8% of them sold above the list price. This give and take resulted in a 98.4% sale-to-list price, meaning that although sellers didn't always get their asking price, they generally got very close. It has all the hallmarks of remaining a strong seller's market.
According to Realtor.com's research, South Carolina had two of the top 10 housing markets for growth for 2023. Augusta came in at No. 6, and Columbia at No. 8. Both are seeing increased sales growth and price growth, each with a combined sales and price growth of over 11%
What determines your monthly mortgage payment?
Several factors come into play when calculating your mortgage payment. Our mortgage calculator for South Carolina takes these into account, so you can more accurately estimate your monthly mortgage payments.
When it comes to the principal and interest payment you'll make each month, there are three main factors that determine your monthly payment:
1. Home price and down payment
This is the most obvious and straightforward factor. The more you borrow to buy your home, the higher your mortgage payment will be. All other factors being equal, the monthly principal and interest payment on a $400,000 mortgage is going to be twice as much as that of a $200,000 mortgage. Use our South Carolina mortgage calculator above to determine the monthly payments for your mortgage.
Your down payment also influences the credit score needed for a home loan. Certain mortgage lenders will approve borrowers with lower credit scores if the borrower offers a higher down payment.
2. Interest rate
Here's where it starts to get mathematically complex. Your mortgage interest rate is the amount of interest you'll pay on your outstanding mortgage balance. Having a higher interest rate will increase how much you pay over the lifetime of your mortgage, so finding even a slightly lower interest rate can save you a huge amount of money if you plan to stay in your home long term.
For example, if you borrow $300,000 using a 30-year fixed mortgage at 7.5%, the total interest you'll pay in those 30 years is $455,787. However, if you can secure a 7.0% mortgage, for example, that'll reduce the lifetime interest to $419,307.
Depending on your credit score, you may get an interest rate that is around the market average, or that is significantly higher or lower. Our mortgage calculator for South Carolina can help you estimate different monthly payments based on varying interest rates. If you're not sure where to start, check out our guide to current South Carolina mortgage rates.
3. Mortgage term
The most common mortgage term length, by far, is 30 years (360 months). Fifteen-year mortgages are also common, and there are other term lengths available as well. Because of the mathematical complexities of amortization, the effect of your mortgage term length on your monthly payment isn't straightforward -- that is, a 15-year mortgage payment isn't twice that of a 30-year mortgage with the same interest rate and principal amount. If you want to know how your term influences your monthly payment, just change the term for the "mortgage type" drop-down in the South Carolina mortgage calculator at the top of this page.
How do I calculate my mortgage payment?
Try our South Carolina mortgage calculator above. If you really want to calculate your payment manually, the formula is quite complicated. But if you want to see the full breakdown, it works like this: